EC-070
These businesses don't modify or change products, they simply move goods from producers to customers.
An example of a noneconomic want would be the desire for...
Resources that enable businesses to operate are also known as...
What are inputs?
The study of economics is basically about what two things?
What are people and choices.
Characteristic of a seller's market?
What are high prices?
Retailers sell to consumers, while wholesalers sell to...
If a good or service is scarce, consumers will usually be...
What is interested in paying higher prices?
Offering higher wages, employee assistance programs, and benefits are responses to limited...
What are human resources?
Our "Wants" can best be described as ____
What are unlimited, changing and competing?
When demand is low:
What is price and supply decreases?
A company that transforms cotton into wearable clothing is considered a ___
What is a manufacturer?
Industrial goods that are constantly being purchased and used up in the operation of a business.
What are supplies?
Capital goods reflect the state of ________ that exists in society.
What is technology?
Deciding which goods and services lead to the most satisfaction is called...
What is economizing?
When demand is great:
What is price and supply increase.
What do service businesses sell?
What are intangible activities?
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
What are consumer goods?
_______ are items that are used to produce goods and services.
What are economic resources?
In our world, people have ______ wants but limited resources.
What is unlimited?
If the demand for a good or service is constant regardless of its price, __________ demand exists.
What is inelastic?
Producers, trade industries and ___ are three broad categories that cover all types of businesses.
What are retailers?
Industrial goods that become part of a finished product without any additional processing.
What are parts?
A company designs robotic technology that can perform human job functions. This is known as ____
What is automation?
_______ wants are desires for items that can only be obtained by spending money.
What is economic?
The economic principle which states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service is known as...